State Trading Organization (STO) has opened up the opportunity to present proposals to acquire the uninhabited island N. Ekulhivaru that the company attained for the development of a resort.
STO made the announcement seeking out contractors to take on the resort development project in October last year. They have not yet revealed their motives behind selling the island.
After making the decision to sell, the company released an announcement on the 21st of January stating that they had opened up the opportunity for interested parties to submit their proposals to purchase the island. However, a deadline was not established.
The state had first awarded the resort development project over to Maldives Tourism Development Cooperation (MTDC) in 2015. They subsequently initiated work the same year.
At the time, they revealed that 90 luxury villas would be developed in the resort. However, as they failed to initiate the project awarded to them in 2008, the project was then taken from MTDC in 2016 and awarded to STO in 2017.
While the company announced their decision to sell the island, work on the tourist hotel established in Hulhumale' is also at a standstill.
